|The optimism that some were having that there should be an easing of the deluge of imports later on this year seems to be coming into focus as an incorrect prediction. March’s trade deficit reached a record $74.4 billion as imports continue to overwhelm ports, warehouses, trucks and railroads and containers depart empty to be filled with imports moving at rates four to five times higher than they were just 14 months ago.|
|China’s exports up and what it means|
In the blog this week: China’s exports up and what it means China’s April trade figures are a month ahead of America’s, but the data doesn’t lie – China’s exports and America’s trade deficits are both up meaning that the continued strong import volumes show no signs of abating. What – if anything – can or will slow that juggernaut down? We take a look at multiple factors impacting exports and imports on our blog.
Two more years of freight rate pain, says Drewry. In a webinar this week, the company’s forecasts offered one glimmer of hope to reduce rates – the addition of capacity to the market that would bring some 170 new builds representing 1.9 million TEU of tonnage to market, the majority of it by 2023. But for importers being crushed by rate and space challenges today, that feels a lifetime away.
The issue of forced labor is one that we continue to underscore will be an important issue for our apparel customers and others whose supply chains draw raw materials from targeted regions or countries. According to reporting by ST&R, there is strong interest by Congressional representatives and appropriators to provide CBP with additional funding to specifically be directed at enforcement of this priority trade issue. One amount being mentioned $25 million.
FDA announced several changes this week at the NCBFAA’s Annual Conference including an end to their DUNS portal and an increase in FSVP inspections. Their working target for FY 2020 is 1,400 and for ’21 it will be 1,750. Alba Wheels Up works closely with both food importers and registered facilities outside the United States requiring professional compliance services to meet the agency’s stringent requirements. Contact our SVP, Food and Beverage, Moe Elshafi to learn more.
Hundreds write and request termination of Section 232 steel & aluminum tariffs On Thursday, President Biden received a letter co-signed by more than 300 businesses and said that American steel and aluminum products were 40% more expensive than those of their European counterparts because of the Section 232 tariffs put in place by the previous administration.
- Posted by Joe DeSilvetri
- On May 12, 2021
- 0 Comments